HISTORY OF A YOUNG CRYPTO PLATFORM BY NFT CRITICS
Do you know what the hottest platform in the world of cryptocurrencies and blockchains is? Before I answer,
You must already be aware of the most significant cryptocurrency or the payment system we use to trade the NFTs. Yes, Ethereum indeed.
But, Ethereum is definitely not confined to NFTs; it is much more than that. Interestingly, this Ethereum platform, which also uses blockchain, is predicted by some experts to overtake Bitcoin this year.
What is Ethereum?
Ethereum is an open-source shared service that employs blockchain technology to securely enable smart contracts and cryptocurrency trading without a third party.
What’s this? A simple idea that bloomed from the limitations of the existing technology, Bitcoin.
How did it come into existence?
A 17-year-old programmer, Buterin was introduced and captivated by blockchain technology when he got interested in Bitcoin in 2011 and co-founded Bitcoin Magazine.
Let us understand the theory behind his ideology!
He began to imagine a medium that went farther from the financial use cases authorized by Bitcoin and released a white paper in 2013 explaining what would eventually become Ethereum using a general scripting language.
In simple terms, he wanted to introduce a platform that could go beyond just enabling the secure trading of virtual currency. Hence, the key differentiator from Bitcoin was the platform’s capacity to trade more than just cryptocurrency.
In 2014, Buterin and the other co-founders of Ethereum launched a crowdsourcing campaign where they traded participants Ether and raised more than $18 million. The first live release of Ethereum, known as Frontier, was established in 2015. Since then, the platform has proliferated, and today there are hundreds of developers involved.
To conclude, the Ethereum platform was established with comprehensive purposes to leverage blockchain technology for multiple diverse applications. Bitcoin was developed strictly as a cryptocurrency.
A quick fact,
In 2016, $50 million in Ether was stolen by an unidentified hacker, which resulted in queries about the platform’s security. This caused a split within the Ethereum community, and it split off into two blockchains: Ethereum (ETH) and Ethereum Classic (ETC).
So you now know what the hottest platform is!
